By continuing to use this site you consent to the use of cookies on your device as described in our
Cookie Policy unless you have disabled them. You can change your Cookie Settings at any time but parts of our site will not function correctly without them.

(Reuters) - Chinese electric vehicle start-up Nio Inc, backed by Chinese tech heavyweight Tencent Holdings Ltd <0700.HK>, on Tuesday said it expects to raise up to $1.32 billion in its initial public offering.

Nio expects its offering of 160 million shares to be priced between $6.25 and $8.25 per share, the company said in a filing. At the higher end of the range, the company will have a valuation of about $8.46 billion.

The IPO comes as the firm, like other Chinese EV makers, seeks fresh investments capital to develop new products and finance in areas such as autonomous driving and battery technologies.

Nio, formerly known as NextEV, is betting on the benefits of local production to compete with firms such as Tesla Inc (https://reut.rs/2LuCFlC)

In June, Nio began deliveries of its ES8 pure-electric, seven-seat sport-utility vehicle, which the company sees as a rival to Tesla's Model X. It also plans to launch a second, lower-priced electric sport-utility vehicle, the ES6, by the end of this year.